Oil prices fall as focus switches to oversupply

Oil prices fall as focus switches to oversupply

Brent crude futures rose 73 cents, or 1 per cent, to settle at $77.62 a barrel. However, there has also been new concern among market players: that global economic growth may be slowing down and will continue to slow down, ultimately hurting oil demand. Not only did you have Saudi Arabia backtrack from their "pump all you can" policy, you also had great earnings from energy companies and as of right now that does not even matter.

The freeze on imports by China National Petroleum Corp. and Sinopec is temporary and purchases may resume depending on the outcome of negotiations with the USA, said the people, asking not to be identified because the information is confidential.

Saudi Energy Minister Khalid al-Falih said this week that, despite expected supply disruptions from United States sanctions, Saudi Arabia would step up to "meet any demand that materialises to ensure customers are satisfied".

The market for months has weighed concern surrounding potential supply shortages from USA sanctions on Iran, due to come into force November 4. The minister added that Saudi Arabia would work to increase supply.

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Touching upon the importance of oil market stability for the US, senior energy expert Omid Shokri says it is not easy to drive Iran's oil export to zero in short term. Russian Federation is already pumping 10.8 million barrels a day of crude, a level unseen since the Soviet Union. Doubts still remain over whether OPEC will be able to replace supply losses from Iran as US sanctions are set to curb oil exports from the Persian Gulf state.

Economic uncertainty and the woes of the Asian stock market unsettled the oil price this week to the downside. As mentioned before it will be hard to U.S.to drop Iran oil export to zero.

Saudi Arabia Energy Minister Khalid Al-Falih said there could be a need for intervention to reduce oil stockpiles after increases in recent months. "It can be seen that Iran's oil export will decrease more than %50 in contrast to post nuclear agreement". USA efforts to isolate Iran and its crude output, as well as spiraling Venezuelan production, haven't been enough to serve as a geopolitical counterweight to the selloff. As it was, the prices of Brent crude had gone down by nearly 5% across the week. Halting oil Iranian imports means that China's many refiners will have to seek alternative supplies. "Signs are mounting that shale won't keep growing at the same rate in the U.S. Drillers face pipeline bottlenecks moving crude out of West Texas".

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